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Emaar Economic City cap hike OK

MENAFN - Khaleej Times - 09/07/2014


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(MENAFN - Khaleej Times) Shareholders agreed the capital increase on July 3 bringing the citys current holding of the company to SR2.

Emaar Economic City said on Sunday shareholders of its Port Development Company subsidiary agreed to an increase in capital to SR5.21 billion (1.39 billion) to help finance the expansion of Saudi Arabia’s first privately-owned port.

Shareholders agreed the capital increase on July 3 bringing the city’s current holding of the company to SR2.6 billion or a 50 per cent stake a statement on the Saudi stock exchange said.

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